SGC owner owes mastro 400k
WinPitcher
Posts: 27,726 ✭✭✭
According to an article in the NY daily news today the owner of
the grading company SGC owes for cards/memrobilia he won at auction.
He in turn is claiming he was shilled and feels he owes less then the 400k purported amount.
Mastro which went out of business only to be renamed Legendary still owes many people
that consigned items to them.
One can get the full story over at net 54, of course since it is not the owner/president of PSA
the person is basically getting a free ride.
Can you imagine if PSA was named instead of SGC?
http://www.nydailynews.com/sports/ba...er.html?page=0
Steve
the grading company SGC owes for cards/memrobilia he won at auction.
He in turn is claiming he was shilled and feels he owes less then the 400k purported amount.
Mastro which went out of business only to be renamed Legendary still owes many people
that consigned items to them.
One can get the full story over at net 54, of course since it is not the owner/president of PSA
the person is basically getting a free ride.
Can you imagine if PSA was named instead of SGC?
http://www.nydailynews.com/sports/ba...er.html?page=0
Steve
Good for you.
0
Comments
Eyebone
Mike
Yeah, I would imagine if that were the case then this thread would last another 30 seconds or so.
As long as it is someone else's dirty laundry I'm sure it will stick around.
or, the net54 thread?
Thanks!
<< <i>Read that article and thread over on net54 as well Steve. What a mess! I see a boat load of litigation before it gets sorted out. Regardless, the reputations of messers Allen, Mastro and Forman may never recover.
Eyebone >>
It is very interesting who posted the article on NET54 though.
The ripple effect of the contents of that article could well turn into a hobby tidal wave.
Things will probably never be quite the same after today.
Hope SGC can survive this. Competition is a good thing for all of us.
"How about a little fire Scarecrow ?"
link from other thread
"How about a little fire Scarecrow ?"
<< <i>According to an article in the NY daily news today the owner of
the grading company SGC owes for cards/memrobilia he won at auction.
He in turn is claiming he was shilled and feels he owes less then the 400k purported amount.
Mastro which went out of business only to be renamed Legendary still owes many people
that consigned items to them.
One can get the full story over at net 54, of course since it is not the owner/president of PSA
the person is basically getting a free ride.
Can you imagine if PSA was named instead of SGC?
http://www.nydailynews.com/sports/ba...er.html?page=0
Steve >>
<<< One can get the full story over at net 54, of course since it is not the owner/president of PSA
the person is basically getting a free ride.
Can you imagine if PSA was named instead of SGC? >>>
Steve - you are so right about that!
Yeah, I would imagine if that were the case then this thread would last another 30 seconds or so.
As long as it is someone else's dirty laundry I'm sure it will stick around.
My point was not that it stays here or not but how it is going over at net 54.
And we have people right here in this community that were not paid for consignments from at least a year ago.
I wonder if this article is over at SGC?
Steve
This is my favorite from the article when they say a guy backed out of a deal to sell an expensive comic book:
<< <i>There are other disputes that are not included in the suit; Allen had offered to serve as the liaison for the sale of a rare comic book Forman was interested in buying; an agreement was reached but never consummated when the seller backed out because he said he couldn't find the comic, which is worth hundreds of thousands of dollars. >>
Can't find an item worth hundreds of thousands of bucks? Hmmmm.
Classic! That excuse ranks right up there with - "my dog ate my homework!"
mike
http://www.nydailynews.com/sports/baseball/yankees/2009/07/05/2009-07-05_mastro_fine_sports_auctions_disaster.html?page=0
I am glad you did, as it should be posted here as it is pertinent hobby news.
I was just saying, as important as this info is to the hobby if the name Forman were replace with Orlando would the thread still be here ?
Steve
I don't see any reason to pull a thread that is public knowledge unless their are posters who come in to make accusations that arent true.
to the N54 thread.
.....
I would throw my stuff in the garbage can, before I would give
it to any of the auction guys.
The "good ones" are ALL good, until they stop being "good."
<< <i>He in turn is claiming he was shilled and feels he owes less then the 400k purported amount. >>
Please take the stand and swear under oath. That would be terrible for those stand up guys at Mastro/Legendary. Allen admits to doctoring cards, and now this claim that his company shilled auctions. How can anyone continue to consign anything to these people. Mastro still owes consignors from a year ago. Wow!! Has Allen ever sold timeshares in Florida?
<< <i>There looks to be a fair number of "new registrants" posting
to the N54 thread.
>>
The current board was created in April 2009 after the old board software ran it's course. Everyone looks new but 99% have been with that board for years.
but instead sold them earlier. I have no problem with him buying comic books but do kind of have
a problem with him selling cards.
ON ITS WAY TO NEWPORT BEACH, CA 92658
I got out of the registry in coins for this very reason. I started floating higher and higher to the top and realized , I didn't care for the people I was starting to notice.
Collecting Baseball sets for our sons and not neccasarily for profit , is a lot more fun.
R73 1933 Goudey Indian Gum - Series 288 - Nos. 118
Also looking for 1953 Parkhurst & 1953 Quaker Oats Ripley's BION.
If you have any available for sale PM me
<< <i>Well PSA's CEO had a huge graded PSA collection that he eventually sold off. I think having it was construed by alot of people as a conflict of interest especially getting them graded by your own employees. >>
/////////////////////
Should they have been graded by a lesser company?
I guess that would not make good biz-sense.
I am all for folks trying to avoid the appearance of
conflicts, but REAL conflicts are generally hard to find.
In a tiny town - or a tiny industry - folks often wear
more than one hat. That does not mean they are
doing anything improper.
The reputable grading companies - including those
of CLCT - all have inventory that they acquire via
warranty claims. That ownership may be stretched
to the appearance of a conflict, but it is FAR from
an actual conflict.
.............
I was puzzled by SGC's claim today that they are the
"only" graders that have a real "guarantee."
A quick read of CLCT's SEC filings clearly shows that
claim to be untrue.
<< <i>
<< <i>Read that article and thread over on net54 as well Steve. What a mess! I see a boat load of litigation before it gets sorted out. Regardless, the reputations of messers Allen, Mastro and Forman may never recover.
Eyebone >>
It is very interesting who posted the article on NET54 though.
Rich Klein, right ping? But I don't understand your implication.....can you explain?
Eyebone
Really a black eye for Forman. SGC had done so much to establish itself as the premier grading company of pre-war vintage. This is a black mark just as damaging as Merkel's relationship with the former SGC that culminated in the Doyle NY Nat'l grading debacle with Olbermann and Rosen...
eyebone
<< <i>The ripple effect of the contents of that article could well turn into a hobby tidal wave.
Things will probably never be quite the same after today.
Hope SGC can survive this. Competition is a good thing for all of us. >>
I honestly dont think this places SGC in a bad light. It does seem that the owner has issues with Mastro but I think the owners business and the business of SGC will be perceived to be totally different by the collecting public.
SGC is not under the umbrella of guarantee companies any longer.
at one time it was, but no longer.
Steve
I don't know how this will impact SGC, but I suspect this is just the tip of the iceberg for Mastro/Legendary Auctions.
I think PSA is a good company and for the most part does a good job providing an objective third-party opinion. But I was very disappointed in their anonymous puff piece in the July SMR entitled "A Legendary Beginning."
1) Beckett Media has had several rounds of layoff in the past two years; I was among those people laid off, in my case June of 2007. I am neither a current employee or current contractor to Beckett Media. I do have friends that are still there; if you worked at a place for nearly 18 years I would hope that you maintained some friendships with people you worked with.
2) I posted the story as a news story on Net 54. If I had not posted the story; I guarantee you someone else would have. And to Leon Luckey's (moderator of Net 54 credit) he did not make the thread go *poof*. And if the grading company in question had been BVG or PSA; I would have posted the story as well.
3) No; I'm not perfect in any way -- but there was no "I want to attack SGC" in what I posted. Rather, I posted a story which ran in a major metropolitan daily publication. I have to say there was no malice involved; so don't read anything more into my posting that that. It was 6 AM Dallas time; I was up; saw the story on the daily feed I get from the NY Daily News and linked the thead to Net 54.
4) And as an FYI, the reason I get the Daily News highlights; as well as the NY Post and NY Times was that I spent the first 30 years of my life in the NY Metropolitan area and like to keep up in what is happenning in that area
If you have any more questions; I'll be happy to answer them.
Regards
Rich Klein
<< <i>Rich Klein >>
Good day Rich! It's been awhile and I'm glad to see you're still around. Will you be in Cleveland next month? Would love to say, "Hello" again.
Be good and be well!
Great to hear from you. Yes I will be in Cleveland and the best way to chat would be for you to accept my Facebook request and we'll send a couple of messages that way. That way we won't clutter up this thread any more than it had to be
Hope all is going well with you and yours
Regards
Rich
I see there being a potential for "conflict of interest", but potential and actual "conflict of interest" is a big difference. For that matter, I don't have a problem with the PSA/DNA authenticators that buy/sell/auction autographs for a living. (In case you didn't know, some of them do) They have much the same potential "conflict of interest", but I've dealt with some of them for years and I find them to be more ethically sound then a lot of people I've run across. (can't speak about Forman, to my knowledge I've never dealt with him)
Mike
////////////////////////////
Ditto.
came to light from what i understand. AND he has the items. If he is so perturbed regarding shill bidding and the amount he
paid shouldn't the items go back to the original owners? many of whom have NOT been paid for them.
Steve
<< <i>The only problem with all that is the timeline, he owes the 400k from well before the shill bidding
came to light from what i understand. AND he has the items. If he is so perturbed regarding shill bidding and the amount he
paid shouldn't the items go back to the original owners? many of whom have NOT been paid for them.
Steve >>
That could be a problem.............
ON ITS WAY TO NEWPORT BEACH, CA 92658
The reason? They allowed certain big time players credit so they would bid big.
Some of these big players would then resell the items and then pay mastro.
It worked for a while but then the economy tanked and some of those very items that
they paid big for were resold at a lesser amount.
I have no idea if that is what happened to Forman, but it has been shown to have happened
to the other person that owed mastro big dollars. Fisher from Yorktown sports.
We have a person in this very community that consigned an item to mastro, it sold, mastro did not pay and the item
is now on ebay.
To answer your original question about it not making sense, it makes perfect sense if you understand what
really went down.
Steve
<< <i>We have a person in this very community that consigned an item to mastro, it sold, mastro did not pay and the item >>
Steve,
Is the original consignor(board member) selling the item on ebay or is it Mastro or the person who won the item from Mastro? If it is Mastro or the the new owner, that would be terrible.
<< <i>
<< <i>We have a person in this very community that consigned an item to mastro, it sold, mastro did not pay and the item >>
Steve,
Is the original consignor(board member) selling the item on ebay or is it Mastro or the person who won the item from Mastro? If it is Mastro or the the new owner, that would be terrible. >>
Why would it be terrible if the new owner is selling the item, he paid Mastro right?
really went down."
To those of us not in the inner circle, this thread is terribly confusing.
Can somebody please do a "This is a football!" explanation of what the heck is being talked about?
Names aren't necessary; an abstraction will do.
Thanks!
Nick
I hope Doug Allen will take care of it soon.
"I spent 50% of my money on alcohol, women, and gambling. The other half I wasted.
This is known as “bad luck.”